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Home Ownership: Prepare for these 6 recurring expenses |
Because, many people, an essential part of the so-called American dream, have a home of their own! When, and if one is properly prepared and goes further with his eyes, wide - open and realizes, the cost of home ownership, he will, in general, avoid many challenges and be prepared accordingly. Unfortunately, many qualify for credible and considered only basic expenses such as put together, down-payment and affordable mortgages. However, more than 15 years later, in New York State, as a licensed real estate salesperson, I have come to believe, strongly, that agents need more insight and understanding from their clients, and clients, so they can be better at potential events. Ready. With this in mind, this article will spend 6 years briefly considering, testing, reviewing and discussing this experience which
1. Mortgage considerations: Most people buy and use a mortgage loan to buy a home, the components of which include principal payments, interest payments and escrow considerations (including real estate taxes, compulsory insurance, etc.).
2. Utilities: We provide various utilities on a regular basis such as electricity, heating, water, etc., but some of these are relatively low, and others are, higher, smart homeowners - consider the total amount of all utilities - consider and prepare accordingly!
3. Immediate renovations and cosmetic changes: What renovations, repairs, etc. may be most important and necessary before moving to a new home? Distinguish between immediate and necessary needs with cosmetic changes that you want to do and want to do. Understand what it can cost and be prepared!
4. Furniture and fixtures: This could be any first home, or you move - up, or, step - down, your existing furniture and fixtures, either, may not fit, or may be, unsuitable (in some way), for a new place ! However, it changes the size, the amount of furniture and the amount of structures or tastes / requirements, etc., prepare for this expense, because, they can, add, and create stress.
5. Repair Reserve: Few people consider and / or prepare enough for repairs. The reality of home ownership is that there will always be something needed, or desired, repaired, or more! Therefore, the smart approach should be put in favor of a reserve fund on a monthly basis, prepared as appropriately as possible.
Contin. Reserves for emergencies, major expenditures, renovations, etc.: You believe that the new home will be relocated, ready, no, over time, there will be emergencies, major expenditures, etc. These include: equipment, heating, ventilation, air conditioning, etc. Also, many times our needs, priorities, tastes, etc., change and we may aspire to reform at some point in the future.
Owning a home is a joy for many, but unfortunately, it can be a nightmare for some! Would you be committed to making the most of your potential enjoyment in a way that is ready for the most important steps and experiences?
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